By BGriff
Debt consolidation is a great way to save money by reducing the interest rate on your current loans.
Step 1
Determine If You Need Debt Consolidation - You can do this yourself but it is recommended that you consult with a personal financial adviser before consolidating your loans. Doing research before you consult with a professional is very important because debt consolidation policies can be confusing at times. Try to stick to reputable sites because there are a lot of scams around debt consolidation.
Step 2
Consolidate Your Federal Loans - Once this is done you will only have to pay one loan down. A fixed rate will usually be determined for this loan. Try studentaid.ed.gov for information on student loan consolidation. Try finaid.org for information on federal loan consolidation.
Step 3
Consolidate Your Private Loans - Once you have consolidated the Federal Loans then you need to work on private loan consolidation. This usually has a higher interest rate than the Federal Loans.
Saturday, August 29, 2009
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